July 13 (Bloomberg) -- Hewlett-Packard Co. closed at the
lowest level in more than seven years after a competitor in the
printer market predicted a slowdown in corporate purchasing.

Hewlett-Packard fell 1.9 percent to $18.98 in New York. The
stock dropped 26 percent this year through today.

Printer-maker Lexmark International Inc. cut its second-quarter sales and profit forecast yesterday, citing weaker
demand from customers in Europe and unfavorable exchange rates.
Lexmark said the trends would probably affect results in the
second half of the year as well.

Hewlett-Packard got almost a fifth of revenue and more than
a quarter of operating profit from its printing unit in the
second quarter that ended in April. The company said in March it
would combine its personal-computer unit with the printer
division to help cut expenses amid declining sales and profit.

“Lexmark is really the driver in the weakness in Hewlett-Packard today,” said Brian White, an analyst at Topeka Capital
Markets, based in New York. “Printing is one of the most
important pieces of Hewlett-Packard’s market as a company, and
people don’t want to upgrade their printers.”